https://www.taxtmi.com/caselaws?id=761784 ITAT Hyderabad held that reopening of assessment beyond 4 years under section 147 was invalid. The case involved under-assessment of Long-Term Capital Gain due to excess indexed cost allowed in property sale computation. The tribunal found that the assessee had disclosed all material facts during original assessment proceedings under section 143(3). Since the Assessing Officer relied only on evidence already on record and made no allegation of non-disclosure by the assessee, reopening beyond the 4-year limitation was legally impermissible. The CIT(A)'s order upholding reopening was set aside, and reassessment was quashed in favor of the assessee. en-us Thu, 14 Nov 2024 00:00:00 +0530 Sat, 16 Nov 2024 08:38:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761784 ITAT Hyderabad held that reopening of assessment beyond 4 years under section 147 was invalid. The case involved under-assessment of Long-Term Capital Gain due to excess indexed cost allowed in property sale computation. The tribunal found that the assessee had disclosed all material facts during original assessment proceedings under section 143(3). Since the Assessing Officer relied only on evidence already on record and made no allegation of non-disclosure by the assessee, reopening beyond the 4-year limitation was legally impermissible. The CIT(A)'s order upholding reopening was set aside, and reassessment was quashed in favor of the assessee. Case-Laws Income Tax Thu, 14 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761784